Business damaged by Bitcoin Cash civil war sues in U.S. Federal Court, action alleges takeover of cryptocurrency network by china-backed players

In a lawsuit filed on Thursday December 6th in the United States District Court for the Southern District of Florida, United American Corp. a Florida Company, petitioned the court for emergency injunctive relief citing losses stemming directly from the Bitcoin Cash fork that began on November 15, 2018.

First, there was the initial coin offering (ICO), which has run into more problems than anyone could have imagined. Then, an alternative was created that would reportedly be safer and more legitimate than the ICO, the security token offering (STO).

The country’s central bank, the People’s Bank of China (PBoC), is going to start taking a harder look at airdrops, which the bank describes as being nothing more than initial coin offerings (ICO) in disguise.